Saxo Bank Review 2023

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Saxo Bank is #85 in our rankings of CFD brokers.

Saxo Bank Facts & Figures

Saxo is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.

  • Powerful proprietary trading platforms with comprehensive charting packages and advanced analysis tools
  • High-level research hub with curated market reports, plus unique insights with 'Outrageous Predictions'
  • Excellent educational resources including podcasts, webinars and expert-led video insights
  • Access to comprehensive third-party analysis tools including TradingView and Updata
  • Highly accessible and flexible ISA account with no entry or exit fees
  • Heavily regulated and trustworthy brand based in Switzerland
  • Low fees with premium account tiers
  • High deposit requirements for trading accounts
  • Access to Level 2 pricing requires a subscription
  • Clients from some jurisdictions not accepted including the US and Belgium
Instruments CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Futures, Options, Warrants, Crypto
Demo Account Yes
Min. Deposit £500
Min. Trade Variable
Regulated By FCA, DFSA, MAS, SFC
MetaTrader 4 No
MetaTrader 5 No
cTrader No
DMA Account No
ECN Account Yes
Social Trading No
Copy Trading No
Auto Trading Excel Automation via OpenAPI
Signals Service Yes
Mobile Apps SaxoTraderGo (iOS, Android, Windows)
Islamic Account Yes
  • Gold
  • Silver
  • Natural Gas
  • Oil
  • Copper
  • Corn
CFDs Saxo Bank offers a secure and reliable way to trade 8,800+ CFDs spanning forex, stocks, indices, commodities, options and bonds. The broker's extra features include a trading academy, powerful charting and analytical tools and trading signals, helping it stand out from many alternatives.
Leverage 1:30 (Retail), 1:66 (Pro)
FTSE Spread 1.2 pts (Variable)
GBPUSD Spread 0.7 (var)
Oil Spread 0.03
Stocks Spread 0.10% (subject to min commission)
Forex With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.
GBPUSD Spread 0.7 (varies by region)
EURUSD Spread 0.2 (varies by region)
GBPEUR Spread 0.6 (varies by region)
Assets 40+
Stocks Traders can access 23,500+ stocks from 50+ global markets including London, New York and Hong Kong. Commissions are competitive at $3 per US stock for VIP account holders and orders are executed with Smart Order Routing technology. Our team also rate the comprehensive market insights.
Cryptocurrency Saxo Bank offers BTC, ETH and LTC in CFD pairs against USD, EUR and JPY for shorter-term trades, as well as 12 funds tracking popular cryptocurrency price movements for longer-term trades.
  • BTC
  • ETH
  • LTC
  • XRP
  • XTZ
  • SOL
  • ADA
  • DOT
Spreads Variable
Crypto Lending No
Crypto Mining No
Crypto Staking No
Auto Market Maker No
Risk Warning – Your Capital is at risk

Saxo Bank is a multi-asset online forex broker offering leveraged trading opportunities and investment products. Our review covers minimum deposit requirements, trading fees, UK regulation, and more. We also take a look at Saxo Bank’s bespoke trading platforms. Find out whether to register for a live account today.

About Saxo Bank

Saxo Bank was founded in 1992 and the registered owner is Geely Financials Denmark A/S. The group launched one of the first multi-asset online trading platforms in 1998. Today, Saxo Bank serves clients in 120+ countries, operates 15+ global trading offices, and processes 125,000+ trade executions daily.

The UK service, with headquarters in London, is authorised by the Financial Conduct Authority (FCA), a highly regarded regulator with stringent compliance procedures. The company also offers white label trading solutions for banks, brokers, fintechs, and wealth managers.

Trading Platforms

Saxo Bank offers two trading platforms with access to all asset classes; SaxoTraderGO and SaxoTraderPRO. The former can be opened through all major web browsers with no download required. The latter is available for download to desktop devices only.


Suitable for small-volume traders or long term investors, the trading terminal offers:

  • Options chain
  • Performance analysis
  • Enhanced trade tickets
  • Comprehensive account overview
  • Fundamental and technical analysis tools
  • Extensive charting package including 40+ financial indicators
  • News and research including SaxoStrats analysis and price data
Saxo Bank trading platform



The advanced trading platform is suitable for high-volume, active traders and offers:

  • Depth trader
  • Algorithmic orders
  • Portfolio summary
  • Advanced trade ticket
  • Long list of sophisticated technical indicators
  • Market movement insights with real-time order executions
Saxo Bank pro trading platform


Innovative risk-management features including account shield, margin alerts, quick close positions, and stop orders are integrated on both platforms. Terminal previews are also available on the website for clients to experience interface navigation before depositing funds.


Saxo Bank offers traders access to 40,000+ instruments in the markets listed below.

Leveraged Products

  • Forex – 182 pairs including majors, minors, and exotics
  • Options – 1,200+ listed options from 23 global exchanges
  • CFDs – 9,000+ instruments on single stocks, indices, forex, and more
  • Commodities – Trade as CFDs, futures, options, spot pairs, or exchange-traded
  • Forex options – 44 vanilla options across major pairs with maturities from 1 day to 12 months
  • Futures – 200+ from 23 global exchanges including equities, indices, energies, metals, and more

Investment Products

  • Stocks – 19,000+ shares on 37 global exchanges
  • Bonds – 5,000+ digital government and corporate bonds
  • ETFs – 3,000 exchange-traded funds from 30+ exchanges worldwide

SaxoSelect managed portfolios are also offered.

Visit the Saxo Bank website to see trading conditions per instrument. Note, strategies such as short selling may not be offered on all instruments due to local measures. Also, under FCA regulations, the broker does not offer cryptocurrency trading, including on Bitcoin and Ripple.

Trading Fees

Saxo Bank spreads and commissions vary by account types and asset class. A maximum 0.25% pa custody fee and a minimum monthly charge of £5 applies to accounts with stocks, ETFs, or bond positions.

  • CFDs – Spreads from 0.85 on UK100
  • FX options – Spreads from 3.0 pips
  • Stocks – From £5.00 on UK stocks
  • Options – As low as £0.85 per lot
  • Futures – Commissions from £1 per lot
  • Commodities – Commissions from £1 per lot
  • ETF fees – Commissions from £3 for US-listed ETFs
  • Bonds – Commissions from 0.05% on government bonds
  • Forex – Spreads from 0.4 pips with EUR/USD offered at 0.8 pips on the Classic account vs 0.5 pips on the VIP account

Saxo Bank charges an inactivity fee of £25 per quarter. Overnight swap rates on positions held overnight also apply. A currency conversion fee applies when trading instruments in a different currency to the base denomination. This is +/- 1% for the Classic Account.


Saxo Bank leverage varies by asset class with UK clients capped to rates in line with ESMA regulations:

  • Equities – 1:5
  • Indices – 1:20
  • Commodities – 1:10
  • Forex – 1:30 on major currency pairs, 1:20 on non-majors

A margin close-out rule applies to UK accounts. Saxo Bank standardises the percentage of margin (50% minimum margin requirements) to close out open CFDs.

Mobile Apps

SaxoTraderGO is available as a mobile application. It is offered as a free download and is compatible with iOS and Android devices. Clients can access all features of the webtrader in a user-friendly interface. The app allows for complete trade management while on the move. Features include price movement alerts, news feeds, and market updates.

Saxo Bank app

Saxo Bank mobile trading


The minimum deposit requirement at Saxo Bank is £500. This is high vs competitors like Degiro and Interactive Brokers. Initial deposits must be verified via bank transfer. Credit card payments are not accepted.

  • Bank wire transfer – 1 to 3 days processing, no fee
  • Debit cards – Instant processing, no fees on EEA issued cards

UK clients can register a maximum of three cards with one account. A £100,000 transaction limit applies with a £160,000 30-day limit.


The Saxo Bank group does not charge traders a withdrawal fee. Next day processing is available for withdrawals requested before 1 pm GMT. Simply login to your UK trading account and select the withdrawal logo. Funds must be transferred to a registered bank account.

Demo Account

A demo account is offered, with access to £100,000 in virtual funds. This is a good way to view trading platform features and to test strategies risk-free. A simple online registration is required. Head to the broker’s website to get started with a free demo account.

Saxo Bank Bonuses

The broker does not offer bonuses to traders. This is compliant with UK regulations that limit financial incentives. The group does offer a referral credit scheme, available to registered clients. Eligibility requirements apply – see the broker’s website for more details.

Regulation Review

Saxo Bank is regulated in 15 local jurisdictions. UK services are authorised by the FCA, a highly regarded regulatory body in the financial markets. Per FCA licensing, clients benefit from the security of segregated funds in top-tier banks, negative balance protection, and FSCS protection up to £85,000. The broker also aligns activities with the FX Global Code of Conduct.

Additional Features

Saxo Bank provides several additional online trading features including daily analysis and an insights forum. Live news bulletins, market research guides, and a financial quarterly outlook are offered on the broker’s website. Educational videos and webinars are provided supporting online courses for new or experienced investors. Topics include placing orders, using forex leverage, and rollover rates. Additionally, a trading strategy-focused podcast is accessible, with several weekly releases.

Saxo Bank additional tools

Trading Accounts

Saxo Bank offers three live account options; Classic, Platinum, and VIP. To open an account, clients must complete a simple online registration form with identity documents and proof of address. All accounts offer access to all asset classes, 24/5 technical support, and both trading platforms. Tighter spreads and lower commissions are available as you move up the account tiers.


  • Tight entry prices
  • £500 minimum deposit requirement


  • Enhanced digital service
  • Up to 30% reduced pricing
  • Local language customer support
  • £200,000 minimum deposit requirement


  • Access to best prices
  • 1:1 SaxoStrats access
  • Exclusive event invitations
  • Personal relationship manager
  • Prestigious VIP account network
  • Direct access to trading experts 24/5
  • £1,000,000 minimum deposit requirement


  • Mobile app
  • Demo account
  • No deposit or withdrawal fees
  • Extensive educational features
  • FCA regulation with FSCS protection
  • Thousands of trading instruments available
  • Innovative proprietary trading platform options


  • High commissions and trading fees
  • High minimum deposit requirements
  • No MetaTrader 4 or MetaTrader 5 platform access

Trading Hours

The broker follows standard trading hours, 24 hours from Sunday PM to Friday PM. These hours may differ by market. Specific trading times can be found under the Trading Conditions>Instrument section of the broker’s platforms.

Contact Details

Saxo Bank offers the following contact and customer support options:

  • UK telephone – +44 207 151 2100
  • Online live chat – via trading platforms
  • UK HQ Address – 40 Bank Street, 26th Floor, London, E14 5DA
  • Email – (new clients) (general enquires)

Saxo Bank can also be found on various social media platforms including Twitter.

Client Safety

Account and trading platform access is password-protected, with the broker offering two-step authentication options. Personal information is protected by SSL encryption on PC and mobile applications. Both trading platforms follow industry-standard data privacy protocols. The broker also regularly requests additional or updated verification documents to maintain the highest levels of user security.

Saxo Bank Verdict

Saxo Bank offers a diverse product portfolio, with access to global financial markets. Minimum deposit requirements are high, but traders can be assured of secure trading conditions with FCA regulation, vast educational resources, a demo account, plus innovative platforms.


Is Saxo Bank A Market Maker?

Saxo Bank is a market maker and ECN broker depending on trading instruments. The broker offers prices from 25+ tier 1 liquidity providers. This is different vs Swissquote Bank, a solely ECN broker.

I’m Having Saxo Bank Withdrawal Problems, What Should I Do?

Contact customer support via email or online live chat. The trading platforms also support a ticket-based system to log withdrawal revenue problems.

Does Saxo Bank Offer Mutual Funds?

Yes, Saxo Bank clients can invest in mutual funds. No commissions or custody fees apply when investing. Head to the broker’s website to sign-up and start trading.

Is Saxo Bank A Good Broker?

Our review is confident that Saxo Bank is a safe and reliable broker, with over 25 years of award-winning trading services history and positive customer service ratings. The company boasts transparency, financial stability, and innovation with FCA regulation behind it.

Does Saxo Bank Offer An MT4 Demo Account?

Saxo Bank offers two proprietary trading platforms; SaxoTraderGO and SaxoTraderPRO. There is currently no MetaTrader 4 (MT4) live or demo platform offering.

Compare Saxo Bank with Other Brokers

These brokers are the most similar to Saxo Bank:

  1. IG Index - IG is an award-winning broker that has an excellent reputation globally. The brand offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
  2. Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
  3. Interactive Brokers - Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Traders use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.

Saxo Bank Feature Comparison

Saxo Bank Compared With Similar Brokers
Saxo Bank IG Index Pepperstone Interactive Brokers
Rating 4 4.4 4.8 4.3
Markets Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Minimum Deposit £500 $0 $0 $0
Minimum Trade Variable 0.01 Lots 0.01 Lots $100
Demo Account Yes Yes Yes Yes
Bonus - - - -
Education No Yes Yes No
Platforms - MT4 MT4, MT5, cTrader -
Leverage 1:30 (Retail), 1:66 (Pro) 1:30 (Retail), 1:222 (Pro) 1:30 (Retail), 1:500 (Pro) 1:50
Review Saxo Bank
IG Index
Interactive Brokers

Trading Instruments Comparison

Comparison of Saxo Bank Trading Instruments
Saxo Bank IG Index Pepperstone Interactive Brokers
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Crypto Yes No Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes No
Gold Yes Yes Yes Yes
Copper Yes Yes Yes No
Silver Yes Yes Yes No
Corn Yes No Yes No
Futures Yes Yes No Yes
Options Yes Yes No Yes
ETFs Yes Yes Yes No
Bonds Yes Yes No Yes
Warrants Yes Yes No Yes
Spreadbetting No Yes Yes No
Volatility Index Yes Yes Yes No

Saxo Bank vs Other Brokers

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Saxo is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.